Nickel, tin prices rally on bullish advice from LME

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Mumbai, Sep 5 (UNI) Prices of nickel cathode and tin slab in non-ferrous metals category today rallied by Rs five and Rs ten per kg respectively, on lack of offers by stockists following bullish advice from London Metal Exchange (LME) along with Delhi, Indore and Kolkata centres, traders at the Bombay Metal Exchange (BME) said.

Nickel cathode was quoted higher at Rs 1,035 per kg and tin slab at Rs 1,100 per kg on improved demand from industrial users induced by encouraging advice from LME along with Kolkata, Delhi, Indore and other centres.

Similarly, zinc slab also gained by Rs 200 at Rs 10,200 per quintal. But copper wire bars and aluminium eased by Rs 400 and Rs 100 per quintal respectively, on poor demand from industrial users in the face of better ready stocks at the terminal centres.

In ferrous metals, copper heavy and copper utensils declined by Rs 300 and Rs 600 per quintal on sustained heavy selling pressure by stockists. Rest of the prices remained unchanged, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 36,000, copper utensils - Rs 33,400, brass utensils - Rs 25,000, brass cuttings - Rs 26,200 and aluminium utensils - Rs 11,000.

Non-ferrous metals: copper wire bars - Rs 39,300, aluminium ingots- Rs 13,800, zinc slab - Rs 10,200, lead ingots - Rs 10,500, tin slab - Rs 1,100 per kg and nickel cathode - Rs 1,035 per kg.

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